Closed in 2023 · Published October 19, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Self-employed
- Single income
- Value
- about $490,000
- Mortgage
- about $390,000
- Loan-to-value
- 80% of the value
- Income used
- 2022 net income of about $79,000, grossed up by 20% to about $95,000
- Term in 2023
- three-year fixed, 30-year amortization
The Situation
A single first-time buyer was purchasing a one-bedroom, one-bathroom condo with underground parking in the Willoughby Heights area of Langley, valued at about $490,000.
The Challenge
The client, a sales manager in auto sales, joined the employer in December 2020 and became a self-employed contractor to the same company in mid-2021, and the 2022 tax return, the first full year as a sole proprietor, was not yet filed.
The Solution
In 2023 we placed about $390,000 with a major Canadian bank, 80% of the value, on a three-year fixed term with a 30-year amortization. The bank took the 2022 net income of about $79,000, grossed up by 20% under its policy to about $95,000, with proof of filing the 2022 return required before funding. A 791 score carried ratios of about 39% and 46%, the total over the usual 44% limit.
The Outcome
The client bought a first home with 20% down, about $98,000, from savings, which also covered the closing costs.